Conventional and Unconventional Balance Sheet Practices and its Impact on Currency Stability
The impact of balance sheet expansions on extreme currency fluctuations was tested in present paper on a sample with seven European central banks between 2006 and 2014. Balance sheets can evolve due to conventional and unconventional monetary practices – mostly by foreign exchange reserve policie...
Elmentve itt :
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| Dokumentumtípus: | Könyv része |
| Megjelent: |
Silesian University in Opava
Karvina
2015
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| Sorozat: | Proceedings of the 15th International Conference on Finance and Banking
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| mtmt: | 3013738 |
| Online Access: | http://publicatio.bibl.u-szeged.hu/21834 |
| Tartalmi kivonat: | The impact of balance sheet expansions on extreme currency fluctuations was tested in present paper on a sample with seven European central banks between 2006 and 2014. Balance sheets can evolve due to conventional and unconventional monetary practices – mostly by foreign exchange reserve policies or by quantitative easing. Qualitative easing can undermine money quality as recent literature suggested. Current paper summarized the structural changes in the balance sheets and in the variety of instruments to capture and test some indicators to evaluate later hypothesis. Extreme currency fluctuations were captured trough the contravention of normal distribution at tails. Balance sheet developments and the appearance of extreme currency fluctuations were the product of crisis processes but they were in a poor functional relationship with each other – rejecting the money quality-asset quality hypothesis on medium run. |
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| Terjedelem/Fizikai jellemzők: | 12 166-177 |
| ISBN: | 9788075101860 |